Corecivic Inc (NYSE:CXW) declared a quarterly dividend on Friday, February 22nd, Wall Street Journal reports. Stockholders of record on Monday, April 1st will be paid a dividend of 0.44 per share by the real estate investment trust on Monday, April 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 8.54%. The ex-dividend date is Friday, March 29th. This is an increase from Corecivic’s previous quarterly dividend of $0.43.
Corecivic has decreased its dividend by an average of 7.1% per year over the last three years. Corecivic has a payout ratio of 75.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Corecivic to earn $2.54 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 69.3%.
Corecivic stock traded up $0.25 during mid-day trading on Monday, reaching $20.60. 451,500 shares of the company were exchanged, compared to its average volume of 645,419. Corecivic has a 12 month low of $17.16 and a 12 month high of $26.09. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $2.43 billion, a PE ratio of 8.92 and a beta of 1.31.
In related news, CEO Damon T. Hininger sold 21,251 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $20.69, for a total transaction of $439,683.19. Following the sale, the chief executive officer now owns 273,493 shares of the company’s stock, valued at approximately $5,658,570.17. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thurgood Marshall, Jr. sold 7,200 shares of the firm’s stock in a transaction on Friday, March 29th. The shares were sold at an average price of $19.30, for a total value of $138,960.00. Following the sale, the director now directly owns 36,447 shares in the company, valued at approximately $703,427.10. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
A number of equities analysts have commented on CXW shares. TheStreet lowered Corecivic from a “b-” rating to a “c+” rating in a research note on Tuesday, December 18th. ValuEngine upgraded Corecivic from a “strong sell” rating to a “sell” rating in a research note on Monday, February 4th. Finally, Zacks Investment Research lowered Corecivic from a “buy” rating to a “hold” rating in a research note on Tuesday, January 15th.
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CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions.
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